Jennerex Snags $116M Deal With Transgene

9/8/10

Jennerex, a San Francisco-based developer of cancer treatments, is announcing today it has struck a deal with France-based Transgene. Under the deal, Transgene has made an undisclosed equity investment, agreed to pay milestone payments worth as much as $116 million, and provide Jennerex with a double digit percentage royalty on sales of JX-594. In return, Transgene will get exlusive rights to commercialize the drug in Europe, the Middle East, and the Commonwealth of Independent States. The companies are hoping to commercialize an oncolytic virus, a virus that specifically seeks out cancer cells and kills them. The companies are planning to test the drug for liver and colorectal tumors in mid-to-late stage clinical trials

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